A Sign of the Times Companies are Raising Dividends: Dividend payouts increased during the first three months of 2021, buoyed by improving earnings outlooks.

Friday Fundings: Swiggy, Pivot Bio, Carbon Health



Indian Food Delivery Startup Raises $1.25 Billion

Swiggy, an Indian food delivery startup, raised $1.25 billion in venture capital funding led by SoftBank’s Vision Fund 2 and Prosus. The investment is a testament to the startup’s ability to weather the COVID-19 pandemic. Prior to COVID-19, Swiggy solely focused on delivering food for restaurants. During the pandemic, Swiggy expanded into supermarket delivery which boosted its sales. Order volume is up 30% compared to before the pandemic hit.

With the Series J investment, Swiggy is valued at $5.5 billion. The startup plans to use proceeds to invest in its non-food delivery business. India’s food delivery market alone is forecast to reach $12 billion by 2022. Indian startups have been raising record capital in 2021 as big investors including SoftBank enter the market.

PS: Softbank is an investor in SoFi.

Green Crop Feeder Raises $430 Million

Pivot Bio, a startup that wants to replace synthetic fertilizer with a greener alternative, raised $430 million in venture capital funding. The startup, formed in a University of California, Berkeley lab, is now valued at close to $2 billion. DCVC and Temaske (TEM) led the round of funding.

Using naturally occurring microbes from crop soils, Pivot Bio feeds nitrogen to corn and wheat crops. Pivot’s liquid product is applied at the same time the seed is planted, which lowers the labor costs associated with planting crops because it removes one of the steps in the process. The company’s sales have tripled this year with corn and wheat farmers applying it on millions of acres of land. Pivot Bio plans to use the funding to expand into new markets and improve its products.

Primary Care Startup Now Valued at $3.3 Billion

Carbon Health, a startup combining in-person and virtual healthcare, raised $350 million in a round of venture capital funding. The investment, which gives the company a valuation of $3.3 billion, was led by Blackstone’s Horizon platform. The company plans to use the investment to capitalize on the growth it saw during the pandemic and support its goal to become the biggest primary care provider in the US.

Since its previous funding round in November 2020, Carbon Health has seen a 129% increase in patient volume. The company is trying to revolutionize primary care with its omnichannel care model which combines in-person clinics, home care, and hardware to improve health outcomes.

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ABOUT Meg Richardson Meg Richardson is a writer specializing in markets, technology, and personal finance. She loves breaking down seemingly complex ideas and making them readable and interesting for everyone. She holds an MFA in writing from Columbia University. When she is not writing about finance, she enjoys running in Central Park and drawing cartoons.


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